Posted on: 23rd Mar, 2010 01:56 pm
we have $40k in debts we want to consolidate. just bought a home 2 weeks ago w/ 20% down and a 663 credit score. the house appraised $110k higher than what we paid for it? can we use that appraisal to obtain a home equity loan to consolidate our debts? the bank is telling us we need a 720 and they have to use purchase price not appraisal. thanks
Most lenders are going to use the purchase price and not the appraised value.
You're best bet is to check with local credit unions or small local banks.
You're best bet is to check with local credit unions or small local banks.